The founder of ponzi scheme Mavrodi Mondial Movement (MMM) Sergey Mavrodi is reported to have written a letter to Nigeria’s federal government. According to NAN, the open letter was displayed on the page of all participants in the scheme.

In the letter Mavrodi listed the benefits of the scheme and urged the President Muhammadu Buhari-led administration to embrace the movement because of its many benefits through which it is helping Nigerians. He noted that the government would leave the scheme alone to keep helping Nigerians if it knew how well it was catering to people’s welfare.

Mavrodi revealed that over 3 million Nigerians were already on the scheme. He also shot down arguments that the scheme would soon fail and noted that with just 3 million Nigerians, the scheme has run for about a year and with many more Nigerians still left, there is no way the scheme would fail.

Mavrodi's letter comes just days after one of Nigeria's banks wrote to its customers, advising them to stay away from the scheme. The banks letter follows the warning by the CBN that Nigerians should stay away from the scheme. Federal lawmakers also tried to stop the scheme with directives that its promoters should be detained by security agencies.

Mavrodi’s FULL letter

Open Letter from Sergey Mavrodi to the Nigerian Authorities

Honorable authorities,

So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions.

Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them. What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them?

Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy? You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all.

The warning is a red text on a yellow background placed on most prominent place of the website. You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?

You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works……… And finally. If you know what is right for people, why is the life so bad in the country? Sincerely yours, Sergey Mavrodi P.S. As for your statement that “everything will collapse soon”.

The system has been working in Nigeria for a year, and according to your estimates, the total number of members now is about 3 million people. In Nigeria the population is approximately 195 million. Can you calculate? Will it be “soon”?